Indian Shares Set To Follow Global Peers Lower

(RTTNews) - Indian shares are seen opening lower on Thursday, as fears about interest rates continue to hit global markets and GDP data for the April-June quarter proved to be a mixed bag.

The Indian economy logged a double-digit growth in the quarter ended June, driven by favorable base effects, data published by the National Statistical Office showed Wednesday.

GDP grew 13.5 percent in three months to June but slower than the 15.2 percent expected growth. In the same period last year, GDP had expanded 20.1 percent.

Another report showed that India's core sector output growth eased to 4.5 percent in July from an upwardly revised 13.2 percent in June.

Asian markets traded lower this morning as the dollar spiked and Treasury yields hit fresh highs on hawkish Fed expectations.

Gold slipped to a more than one-month low while oil extended recent losses on demand concerns.

U.S. stocks came under pressure for the fourth straight session overnight, as the ADP private payrolls report suggested a shift toward a more conservative pace of hiring in August and Cleveland Fed President Loretta Mester said policy makers should raise rates beyond 4 percent and deliver no rate cuts in 2023.

The Dow gave up 0.9 percent, the S&P 500 slipped 0.8 percent and the tech-heavy Composite index declined 0.6 percent.

European stocks closed lower on Wednesday, as Chinese factory activity data disappointed and a record Eurozone inflation reading fueled fears of continued and painful tightening measures.

The pan-European Stoxx Europe 600 lost 1.1 percent. The German DAX shed 1 percent, France's CAC 40 index fell 1.4 percent to extend its losing streak for the fifth straight session and the U.K.'s FTSE 100 declined 1.1 percent to close lower for the third straight session.